Many local residents from Palm Beach, Broward and Miami-Dade counties decided to move from South Florida and buy homes in less crowded and cheaper areas of the state, according to a recent study from CoreLogic.

The federal moratorium on evictions ended over the weekend on July 31, putting more than 144,000 Floridians at risk of becoming homeless.

Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index. 

The nationwide housing inventory shortage that has driven growth in prices and demand in South Florida and other major markets may be beginning to ease, according to RE/MAX’s National Housing Report for June.

As population booms with transplants to Florida, real estate prices are skyrocketing for rentals and sales.

Condo sales in Miami-Dade County remain strong, with record increases, after the collapse of the Champlain Towers South in Surfside, the Miami Realtors Association said in a statement.

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

Florida’s housing market in June continued the same trends as previous months with more closed sales, higher median prices and more new listings compared to a year ago, according to Florida Realtors’ latest housing data.

At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.

Florida homes keep fetching more money than they’re worth, a disturbing development that eventually could put buyers in a bind, according to researchers at Florida Atlantic University and Florida International University.

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.

Meanwhile, the Mortgage Bankers Association’s seasonally adjusted purchase index rose 8% from the previous week.

Home values on the Treasure Coast are booming. This surge is caused by new growth in the area economy including an influx of new companies plus out-of-state residents moving to the area.